ABS-CBN Corporation reported a consolidated net income of P927 million in the first half of 2012. This was 45% lower than the net income of P1.677 billion in the first half of 2011, which included a one-time gain from the sale of SKYcable Philippine depositary receipts.
Excluding the one-time gain, ABS-CBN’s net income in the first six months of 2012 would be P674M, 8% lower than the same period last year.
ABS-CBN said its consolidated revenues from advertising and consumer sales jumped to P15.3B in the January to June period, 9% higher than yearago figures.
Advertising revenues rose 5% to P9.2B in the first half, while consumer sales jumped 17% to P6.1B.
SKYcable continues to be a major driver of growth with revenues increasing by 22% to P2.5B. The growth in revenues is partly attributable to the acquisition of Destiny Cable.
Revenues from ABS-CBN Global were flat, with a 1% increase in overall viewer count compared to the previous year. Double-digit subscriber growth in Canada and single-digit growth in all other territories offset the decline in subscribers in Japan and Europe.
However, total operating and other expenses rose 12% yearon- year to P12.5B on higher production costs, cost of sales and services and general and administrative expenses. Capital expenditure and film and program rights acquisition meanwhile went up 14% in the first half to P2.4B.